The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased twelve basis points last week to 5.05 percent, up from 4.93 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Rates for 15-year fixed mortgages rose eleven basis points to 4.48 percent from 4.37 percent, and 5-1 adjustable rate mortgages increased seventeen basis points to 4.15 percent, from 3.98 percent the week prior.

Although rates were higher, the volume of mortgage requests last week rose 49 percent from the prior week, when requests were down significantly due to the Christmas holiday. Of last week's requests, 32 percent were for refinance loans, 65 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 35 percent of requests were for refinance loans, 63 percent were for purchase loans and 2 percent were for home equity loans.

On Monday, rates for 30-year fixed purchase mortgages had fallen slightly, with the average rate on Zillow Mortgage Marketplace at 5.00 percent.

Thirty-year fixed mortgage rates varied by state. Minnesota mortgage rates, New York mortgage rates, and Pennsylvania mortgage rates increased the most, from 4.89 percent to 5.04 percent in Minnesota, from 5.12 percent to 5.26 percent in New York and from 4.99 percent to 5.13 percent in Pennsylvania. New York mortgage rates (5.26%) and Connecticut mortgage rates (5.19%) were the highest in the country, while Colorado mortgage rates (4.99%) and California mortgage rates (4.99%) were the lowest. California mortgage rates were the most requested among all states.